paschim gujarat vij company limited us/account/fa_ac_11-12/notes to accounts 1… · paschim...

1 SHARE CAPITAL (Amount Rs. in lacs)

ParticularsAs at

31st March, 2012As at

31st March, 2011

Authorised Share Capital:100,00,00,000 Equity Shares each of Rs. 10 each

100000.00 100000.00

Issued Capital - 56,52,81,614 (PY 46,51,94,285) Equity Shares of Rs. 10 fully paid up

56528.16 46519.43

Subscribed Capital - 56,29,03,896 (PY 46,29,03,896) Equity Shares of Rs. 10 fully paid up

56290.39 46290.39

Paid up Capital - 46,29,03,896 (PY 46,29,03,896) Equity Shares of Rs. 10 fully paid up

46290.39 46290.39

46290.39 46290.39

1.1

ParticularsAs at


31st March, 2011

Number of Shares at the beginning 462903896 422903896

Add: Shares issued during the year 0 40000000

46 29 03 896 46 29 03 896

1.2 SHARE HELD BY THE HOLDING COMPANY

a)

b)

1.3

PASCHIM GUJARAT VIJ COMPANY LIMITEDNOTES ON ACCOUNTS

NOTES FORMING PART OF ACCOUNTSTill year ended 31st March, 2011, the company was using pre-revised schedule VI to the CompaniesAct, 1956, for preparation and presentation of financial statements. During the year ended 31stMarch, 2012 the revised schedule VI notified under the Companies Act, 1956, has become applicableto company. Corresponding figures of the previous year have been re-grouped / re-arranged and re-classified, wherever necessary, to make them comparable with the figures of the current year.

Total

SHARES OUTSTANDING

The reconciliation of the number of the shares outstanding as at March 31,2012 and March 31,2011 is set out below:

Number of shares at the end

Out of the above 46,29,03,896 Shares are held by holding company Gujarat Urja Vikas Nigam Ltd and its nominees.

21,74,08,813 shares were allotted at premium for consideration other than cash in terms of GoGresolution Dt.12.12.2008 by bifurcating and notifying revised Equity Structure from 1.04.2008. Thesaid shares pertains to the consideration specified in FRP notification dtd. 3-10-2006 for the transferof undertaking comprising of the values of assets and liabilities and the proceeding relating todistribution activities of erstwhile GEB as specified in the transfer schemes which has beendischarged by PGVCL in the form of equity shares of Rs.10/- each to GUVNL, as directed by the GoGunder notification of Energy & Petrochemicals Department dated 12th December,2008.

The company has issued only one class of Equity share having a par value of Rs.10/- per share.Each holder of equity shares is entitled to one vote per share.In the event of liquidation of the company, the holder of Equity shares will be entitled to receiveremaining assets of the company, after distribution of all preferential amounts. The distribution willbe in proportion to the number of Equity shares held by the shareholder.

PASCHIM GUJARAT VIJ COMPANY LIMITEDNOTES ON ACCOUNTS1.4 SHARE HOLDING MORE THAN 5%

ParticularsAs at


31st March, 2011Number of shares held by the holding company-GUVNL

462903796 462903796

% of the the shares held 99.99 99.99

1.5 SHARES ALLOTTED FOR CONSIDERATION OTHER THAN CASH

ParticularsAs at


31st March, 2011

No. of Shares issued for consideration other than cash

217408813 217408813

Amount of Shares issued for consideration other that cash (Rs. in lacs)

21740.88 21740.88

2(Amount Rs. in lacs)

ParticularsAs at


31st March, 2011

Securities Premium Account (Balance as per last Balance Sheet)

65222.64 65222.64

Surplus as per Profit & Loss Account

Opening Balance 5349.53 5038.23

Net Profit for the Current Year 931.30 311.30

Closing Balance 6280.83 5349.53

71503.47 70572.17


ParticularsAs at


31st March, 2011

Opening Share Application Money 10000.00 4000.00

Add: Received During the year 22400.00 10000.00

Allottment made during the year .0 4000.00

32400.00 10000.00

3.1

3.2

3.3

RESERVES & SURPLUS

Total

SHARE APPLICATION MONEY PENDING ALLOTMENT

Total

The Share application money of Rs. 10000 lacs has been received from GoG during the year 2010-11 for implementation of the KHUSHY scheme and has been allotted on 10th April,2012.

The equity share application of Rs. 22400 lacs pertains to the equity capital contribution receivedfrom GoG during the year 2011-12 for implementation of KHUSHY and release of Ag connections incoastal area under Sagarkhedu Yojna.

22,51,61,558 shares are to be alloted at par within a reasonable period of time as per therequirement of provisions of Companies Act, 1956 against Share application money pendingallottment amounting to Rs.22400.00 lacs.

PASCHIM GUJARAT VIJ COMPANY LIMITEDNOTES ON ACCOUNTS4

(Amount Rs. in lacs)

ParticularsAs at


31st March, 2011

Govt Grants and Subsidies towards Cost of Capital Assets



Less: 10% amount written back to P&L 2009.23 1923.94

18083.07 17315.43

Consumer Contribution towards Capital Assets.



Less: 10% amount written back to P&L 10783.04 6729.18

97047.33 60562.59

115130.40 77878.02

4.1

Closing Balance as at the year end

Closing Balance as at the year end

Total

Company is providing depreciation on Capital Assets related to Electrification & Service connectionon Straight Line Method as per the rates prescribed in Schedule XIV of the Companies Act, 1956. Inrespect of these assets, Company is receiving Consumer contribution, Grant & Subsidy which isbeing treated as deferred revenue by the company. Considering administrative convenience,practical aspects & taking into consideration the very wide geographical distribution network aswell as Constraints on Relevant & Reliable Information as stated in “Framework for thePreparation & Presentation of Financial Statement” issued by the Accounting Standard Board ofICAI, company is transferring 10% of year end balance of Contribution, Grants & Subsidies to Profit& Loss account instead of allocating to income over the periods and in the proportions in whichdepreciation on those assets is charged.

DEFERRED GOVT. GRANTS, SUBSIDIES & CONTRIBUTIONS

5

Current Non Current Current Non Current

A SECURED

1. TERM LOANS - From Banks (as allocated by GUVNL) 1868.46 .0 9409.96 1868.46 - From Other Parties (a) From Power Finance Corporation Limited obtained obtained by the company

.0 14152.42 .0 14152.42

B UNSECURED1. BONDS (AS ALLOCATED BY GUVNL) - 11.50% Series VI Option II 1247.58 .0 935.69 1247.57 - 11.75% Series VI Option II 267.69 624.61 .0 892.31 - 7.50% Serie2 VI Option III 494.69 1154.27 .0 1648.96 - 11.25% Series VI Option II 13.06 17.41 13.06 30.47 - 11.50% Series VII Option III .0 585.16 .0 585.16 - 8.95% Series VIII .0 5332.41 293.74 5332.41 - 8% Series IX .0 847.57 251.74 847.57 - 8% Series X .0 2362.96 934.96 2362.96 - SLR Bonds .0 .0 620.23 .02. TERM LOANS - From Banks (as allocated by GUVNL) 1156.96 .0 2398.65 1156.96 - From Other Parties

(a) Loans obtained by Company from REC 950.45 3700.53 1057.93 4681.80

(b) Govt Loans allocated by GUVNL

- Loan under APDRP 442.03 4386.45 442.03 4828.48

- ADB Loan for Earthquake 854.62 10619.28 784.75 11473.90

- ADB Prog. & Proj. Loan 564.72 6810.24 557.82 7374.96

- Kisan Hit Urja Shakti Yojna (KHUSHY) Loan 400.00 3200.00 400.00 3600.00

8260.26 53793.31 18100.56 62084.39

5.1

*

Long Term Borrowings(Amount Rs. in lacs)

ParticularsAs at 31st March, 2012 As at 31st March, 2011

Total

SECURED AND UNSECURED LOANS

GUVNL raises fund by issue of bonds as well as borrowing from Banks, Financial Institutions, GoG and other Public Sector Undertakings for common usages of successorCompanies. The repayment and interest of these borrowings are reimbursed by the Company to GUVNL. Facilities sharing agreement between GUVNL and successorCompanies have been executed. Consequently, the part amount of loan outstanding from Banks and Financial Institutions are disclosed under the head 'Long TermBorrowings' and maturity pattern, terms of repayment and security as disclosed below are as per the information provided by the GUVNL.

5.2

*

5.3

**

*

****

*

Name of the Bank in whose favour charges is createdAmount for which the charge is created (Rs.

in lacs)

LOANS ALLOCATED BY GUVNL

Indian Overseas Bank 10 000

UCO Bank 37 800

LOANS AVAILED BY COMPANY

Power Finance Corporation 30 535

As per the legal opinion of the counsel, the properties on which the charge is already created by erstwhile GEB and acquired by the company, the same is required to beregisterd under the provisions of the Companies Act, 1956. Due to the common funds for all the operations of erstwhile GEB, funds were raised against the charge over allits assets. However, the amount of secured loans of erstwhile GEB which are secured against the separate properties transferred to each successor company has not yetbeen identified. The Company, therefore, could not register the charge on these properties with the Registrar of Companies, Gujarat.

REGISTRATION OF THE CHARGE ON ASSET

SECURITIES AGAINST LONG TERM BORROWINGS

Loan from PFC (outstanding Rs.9.83 Crores) is secured against the Ist mortgage/ hypothecation charge on the assets of Bharuch Transmission Circle.Loan from Indian Overseas Bank (outstanding Rs.20 Crores) is secured against the 1st hypothecation charge on the assets of Dhrangadhra and Surendranagar O & MDivision of PGVCL.Loan from Indian Overseas Bank (outstanding Rs.18.33 Crores) is secured against the 1st hypothecation charge on the assets of Vijapur, Mehsana & Chhatral Tr. Divisionof GETCO.Loan from Union Bank of India (outstanding Rs.10 Crores) is secured against the 1st hypothecation charge on the assets of Soja, Dhansura & Chhatral Tr. Division ofGETCO.Loan from Allahabad Bank (outstanding Rs.30 Crores) is secured against the 1st hypothecation charge on the assets of Sabarmati, Gandhinagar & Bavla O & M Division ofUGVCL .Loan from Canara Bank (outstanding Rs.83.32 Crores) is secured against the extension hypothecation charge on the assets of Godhra and Baroda O&M Divisions of MGVCL.Loan from Dena Bank (outstanding Rs.12.50 Crores) is secured against the 1st hypothecation charge on the assets of Amreli, Dhasa, & Vartej Tr.Divisions of GETCO.

Some of the assets of the company viz. Plant and Machinery, Hydraulic works, lines and cables, furniture and fixtures and office equipments are given as security to theBanks for the loans raised by Holding Company i.e. GUVNL. Charges created in respect of these assets as well as charges in respect of loan from Power Finance Corporation(PFC) availed by the company are as under :

Location at which the assets are in existence and on which the charge is created.

Surendranagar

Current Assets

Rajkot, Bhavnagar, Jamnagar, Junagadh, Porbander, Amreli, Bhuj, Botad, Surendranagar.

5.4 MATURITY PROFILE OF BONDS

Up to 2 Years Next 2 Years Beyond 4 years0.00 508.54 339.03 847.570.00 1417.78 945.19 2362.970.00 3199.45 2132.97 5332.42

535.39 356.92 0.00 892.31989.38 659.59 0.00 1648.97

1247.58 0.00 0.00 1247.58585.16 0.00 0.00 585.1630.47 0.00 0.00 30.47

MATURITY PROFILE OF LOANS

Up to 2 Years Next 2 Years Beyond 4 years

4538.80 4557.35 18181.19 27277.34

1868.46 0.00 0.00 1868.46

1156.96 0.00 0.00 1156.96

2008.78 1900.91 188.83 4098.52

5.41

5.42

5.5

PeriodicityNo. of remaining

Installments

Yearly 293

*

11.50% Series-Vl Option-II


Public Bonds(Allocated By GUVNL) (Unsecured) Maturity Period

Total

8% Series-lX 8% Series-X 8.95% Series-Vlll11.75% Series-Vl Option- III7.50% Series-Vl Option- III

Loans(Raised/Serviced by PGVCL)

11.50% Series-VII option-III11.25% Series-VII option-II


PARTICULARMaturity Period

Total

Loans(Allocated By GUVNL)

A) Govt Loans allocated by GUVNL (Unsecured)

B) Loans From Banks (Secured)

C) Loan From Financial Institution (Unsecured)

Loan from REC LTD (Serviced by PGVCL) 950.45

As the repayment of the Loans & Public Bonds allocated by GUVNL is serviced by GUVNL, the repayment terms thereof are available with the GUVNL. As the same are not provided, the same are not stated.

A) Loans From REC Ltd.(Unsecured Loan)

The outsanding loan towards RGGVY project availed from REC by PGVCL amounting to Rs. 552.46 lacs as on 31st March,2012 is under moratorium period which is of 5 years.

As per the PFC letter no. 02:10: R-APDRP (P-A):2009: PGVCL dated ,30.6.2009, The financial assistance as availed from PFC towards the R-APDRP project received as loanalong with the interest thereon shall be converted into the grant once the establishment of the required system is achieved and verified by an independent agency appointedby the Ministry of Power (MoP). No conversion to grant will be made in case the projects are not completed within the period of 3 years. Mean time till the competion of theproject, the said financial assistance is treated as loan and accordingly the interest has been accrued and accounted . Permission for extention of the project is underprocess.The moratarium period of the said loan is of 3 years.

REPAYMENT TERMS

PARTICULARSAmount of Installment

(Rs. in Lacs)


ParticularsAs at


31st March, 2011

Deposits for Electrification & Service Conn. etc.

13186.32 13614.10

Security Deposit from Consumers in Cash 99039.66 92360.73

Staff related Liabilities. 2956.39 2651.46

115182.37 108626.29


ParticularsAs at


31st March, 2011

Provision for Leave Encashment(Refer note no.20.1)

11140.27 10195.78

11140.27 10195.78

8


ParticularsAs at


31st March, 2011

Liability for Purchase of Power 658.15 334.20

658.15 334.20

9


ParticularsAs at


31st March, 2011

Current maturitiesof long term debts (Refer note no.5)

8260.26 18100.56

Interest Accrued and Due as above 5.42 55.40

Interest Accrued But Not Due 5190.38 3587.91

DUES TO HOLDING & INTER UNITSDue to Holding Company 103324.85 58268.16

Gujarat Energy Training Institute 1.07 16.33

Material received on loan from other Discom's 199.81 .0

Inter Unit Balance .0 26.06

ACCRUED SALARIES AND BENEFITSStaff related Liabilities. 78.38 38.70

Staff retirement cum death benevolent fund 16.06 212.36

OTHER LONG TERM LIABILITES

Total

LONG TERM PROVISIONS

Total

TRADE PAYABLES

Total

OTHER CURRENT LIABILITIES

DEPOSITS Deposits for Electrification & Service Conn. etc.

2365.43 2049.37

Deposits & Retentions from Supp. & Contractors.

8179.02 5982.69

RATES,DUTY'S AND TAXESElectricity Duty & Tax on sale of Ele. Payable to Govt.

85.96 155.57

Liability towards payment of Taxes 425.31 473.96

Other Miscellneous Current liabilities 134.11 575.83OTHER MISC. CURRENT LIABILITIESInterest payable on Security Deposit from Consumers

4175.56 3893.08

Pre-received Income 35166.46 34278.61

Provision for Expenses 2837.69 2192.85

Deposits for Execution of Works 4650.35 3621.85

Sundry Creditors for Capital Works 18373.72 16810.20

193469.84 150339.49

9.1

9.2


ParticularsAs at


31st March, 2011

Income Tax 2717.79 2177.10

Fringe Benefit Tax 249.73 259.80

Less Advance Tax -2652.02 -259.80

315.50 2177.10

Provision for wealth tax .81 1.05

Provision for Bonus 48.45 59.88

Provision for leave encashment (Refer note no. 20.1)

1986.21 1166.55

2350.97 3404.58

Total

Total

DUES TO HOLDING AND FELLOW SUBSIDIARY COMPANIES

The balances of fellow subsidiary companies have been transferred to GUVNL (Holding Company)after due reconciliation and confirmation.

DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES

As per information available on Company’s record, no amount was due and outstanding as on31.03.2012 to Micro, Small and Medium Enterprise. The Company has not received any claim forinterest from any supplier under “Interest on delayed payment to Small scale & Ancillary Industriesunder Act, 1993”

SHORT TERM PROVISIONS

Sub-Total

NOTE NO.11

AS AT01-04-11

ADDITIONS DURING THE

YEAR

ADJUSTMENTS*

DEDUCTIONS DURING THE

YEAR

AS AT31-03-2012

AS AT01-04-11

ADDITIONS DURING THE

YEAR

ADJUSTMENTS*

DEDUCTIONS WRITTEN BACK DURING THE

YEAR

AS AT31-03-2012

AS AT 31-03-2012

AS AT31-03-2011

FREE HOLD LAND 238.90 287.30 41.39 .0 567.58 .0 .0 .0 .0 .0 567.58 238.90

BUILDINGS 3546.19 452.02 .0 2.04 3996.17 250.48 63.48 .0 1.84 312.13 3684.04 3295.71

HYDRAULIC WORKS. 10.64 .0 .0 .24 10.40 4.52 .50 .0 .09 4.93 5.47 6.12

OTHER CIVIL WORKS 451.39 88.55 .0 .0 539.94 31.58 8.37 .0 .13 39.82 500.12 419.81

PLANT & MACHINERY 133868.38 42539.46 .0 1015.47 175392.37 30001.98 7209.44 .0 851.17 36360.24 139032.13 103866.41

LINES & CABLE NET-WORK 362386.49 67229.52 .0 540.24 429075.77 91913.98 18497.90 .0 366.18 110045.71 319030.05 270472.50

VEHICLES 555.42 1.80 .0 38.13 519.09 400.86 44.69 .0 37.45 408.09 111.00 154.56

FURNITURE-FIX & ELECT-LIGHT& FAN INSTALLATIONS 887.90 67.40 .0 .28 955.01 236.27 58.07 .0 .06 294.28 660.73 651.62

OFFICE EQUIPMENTS 2408.23 88.80 .0 6.30 2490.73 1326.71 364.51 .0 5.40 1685.82 804.91 1081.52

LEASE HOLD ASSETS

LEASE HOLD LAND 60.23 .0 -41.39 .0 18.84 4.64 .56 .0 .0 5.20 13.65 55.59

504413.77 110754.84 .0 1602.70 613565.90 124171.02 26247.52 .0 1262.33 149156.22 464409.68 380242.74

441894.66 63053.27 .0 137.28 504413.77 101995.08 22392.00 1.93 217.99 124171.02 380242.74 339899.58

ASSETS

GROSS BLOCK DEPRECIATION NET BLOCK

PASCHIM GUJARAT VIJ COMPANY LIMITEDTANGIBLE ASSETS (Amount Rs. in lacs)

11.3-Adjustments

The land of Rs. 41.39 lacs is free hold land , hence it is now reclassifed as Free Hold Land. In the previous year the amount in the Adjustment column pertains to the depreciation fund for the asset received from GETCO.

TOTAL

PREVIOUS YEAR(2010-11)

11.1 Land and Buildings of Group Companies

Consequent upon unbundling of business of erstwhile GEB, various lands and buildings of group companies are used by companies other than the owners. User charges thereof are not recovered or provided for. The quantification of the same and its effect on the financial statements is unascertainable.

11.2 Impairement of Assets

In absence of any indications, external or internal, as to any probable impairment of assets, no provision has been made for the same during the year.


ParticularsAs at


31st March, 2011

Capital Works-in-progress. 19071.08 16041.09

Provision for works executed 5.86 620.54

19076.94 16661.63


ParticularsAs at


31st March, 2011

Unsecured and considered goodCapital Advances 1478.10 1190.32

Loans & Advances - Others. 114.96 177.80

Loans & Advances to staff -Interest Bearing. 1537.00 889.53

Other Income accrued & due. 60.47 15.26

Income accrued but not due. 727.28 700.12

3917.81 2973.03

13.1 LOANS AND ADVANCES

14


ParticularsAs at


31st March, 2011

DoubtfulDues from Permanently Disconnected Consumers (Net of S D forefeited)

49005.60 49374.23

Allowance for bad and doubtful debts 49005.60 48088.79

.0 1285.44

Miscellaneous other non current assets 3187.91 2226.21

3187.91 3511.65

CAPITAL WORK IN PROGRESS

Total

LONG TERM LOANS AND ADVANCES

Total

In the opinion of the Management, the, loans and advances are good and recoverable and areapproximately of the values, if realized in the ordinary courses of business unless and to the extentstated otherwise in the Accounts. Subject to the notes and the method of accounting followed bythe Company, all known liabilities has been provided for and are not in excess / short of amountreasonably considered necessary. There are no contingent liabilities except those stated in thenotes.

OTHER NON CURRENT ASSETS

Sub-Total

Unsecured and considered good

Total


ParticularsAs at


31st March, 2011

Stock of materials & stores & spares at O&M Stores

22031.40 26528.02

Stock of materials at Other Stores .0 .0Materials at Site (Operation & Maintanance) 2340.15 3550.85

Materials pending Inspection. .0 7.27

Materials in Transit 15.00 112.89

Other Materials (including scrap) 17648.05 16163.57

42034.60 46362.60

Excess/shortage & Obsolete stock pending investigation

179.70 178.19

Provision for losses pending investigation -179.70 -178.19

42034.60 46362.60

15.1 PHYSICAL INVENTORY VERIFICATION

15.2 HYPOTHECATION AGAINST STOCK AND BOOK DEBTS

16


ParticularsAs at


31st March, 2011

Sundry Debtors (Unsecured, considered good except provided for)

Sundry Debtors for Sale of Power 31024.23 26428.06Sundry Debtors for Misc. Receipts from Consumers

8548.18 8489.27

39572.41 34917.33

Less : Unposted Receipts 49.97 .80

39522.44 34916.53

Less: Allowance for bad and doubtful debts 818.95 706.72

38703.48 34209.82

Deferred E D & T S E from Consumers 3758.31 3750.00

34945.17 30459.82

34945.17 30459.82

Sub-Total

INVENTORIES

Sub-Total

Total

Physical inventory of stores spares and consumables as per the stores records have beenreconciled with the financial ledger as 31stMarch, 2012. The shortage/excess observed during thephysical verification has been adjusted.

Cash Credit limit is secured against the I st hypothecation charge in favour of UCO Bank Consortiumon the Stocks and Book Debts

TRADE RECEIVABLES

Sub-Total

Sub-Total

Sub-Total

Total

16.1(Amount Rs. in lacs)

ParticularsAs at


31st March, 2011

Outstanding for a period exceeding six months

30484.17 31265.05

Others 9038.26 3651.48

39522.43 34916.53

16.2

16.3 HYPOTHECATION AGAINST STOCK AND BOOK DEBTS (Refer note no. 15.2)


ParticularsAs at


31st March, 2011

Balance with Scheduled Banks :

In Current Accounts 5944.40 6145.31

In Fixed Deposit Accounts (maturing within 3 months)

27.55 .0

Cash on hand (Including cheques on hand)

522.99 1586.59

Others- Remittance & Transfer in Transit

142.06 195.43

6637.00 7927.33

Balance with Scheduled Banks :

In Fixed Deposit Accounts (maturing within 3 to 12 months)

20.81 .0

In Fixed Deposit Accounts (maturing after 12 months)

34.18 40.26

6691.99 7967.59

17.1 REMITTANCE IN TRANSIT

OUT OF ABOVE

Total

As on 31st March, 2012, there are 4644068 consumers with the Company. Taking into considerationsuch large no. of consumers it is practically not feasible to obtain the confirmation of balances.Moreover tariff rate at which the consumers are billed is stipulated under tariff order as awarded byGERC and the Company has no powers to change it unilaterally. Further consumers pay the amountas and when the bill is raised to them. If there is any dispute the same is brought to notice of theCompany. In view of this and in the absence of specific confirmation of balances, the balancesoutstanding are considered as good and recoverable except those provided for.

CASH AND CASH EQUIVALENTS

Total

Total

The balance in Remittance in Transit Rs. Rs.142.06 lacs Debit (P.Y Rs. 195.43 lacs Debit) is underreconciliation.Pending reconciliation as mentioned above, the effect on profit/loss and assets/liabilitycan not be quantified.

18


ParticularsAs at


31st March, 2011

Unsecured and considered good

Loans & Advances to staff -Interest free. 210.00 208.35

Interest accrued on staff advances 41.07 63.76

251.07 272.11


ParticularsAs at


31st March, 2011

Provision for Unbilled Revenue 66615.18 48061.56

Electricity Duty recoverable from State Government

.0 2394.41

Deferred expenses to the extent not written off

.0 216.49

Asset not in Use 215.77 36.57

Grant Receivable 25.00 25.00

Deposits 332.87 436.99

Miscellaneous other current assets 215.18 103.12

67404.00 51274.14

19.1 ASSETS NOT IN USE

19.2

As per Para 14 of Accounting Standards (AS) 10, “Accounting for Fixed Assets” an item of fixed assetthat has been retired from its active use and is held for disposal is to be stated at the lower of NetBook Value or Net Realizable Value (NRV). The NRV of assets retired from active use has not beendetermined. However, no downward adjustment of the book value of the said assets has been madesince the management is of the opinion that the NRV of the same is higher than the Net Book Valuedue to facts that the Book Value is very low since the assets are very old and there is an upwardtrend in scrap rates.

During the year, the Company has changed the accounting policy for deferred expenditure incurredon Energy efficient pump sets scheme. Till last year, the same were amortized for a period of fiveyears. Now the company has written off the outstanding balance in the current year. Had theCompany continued the earlier policy of amortization of said expenditure, the expenses for the yearwould have been lower by Rs.156.60 lakhs and profit before tax for the year as well as assets wouldhave been higher to that extent.

SHORT TERM LOANS AND ADVANCES

Total

OTHER CURRENT ASSETS

Total

20

20.1 LEAVE SALARY


Amounts recognized in the balance sheet 2011-12 2010-11

Present value of obligation 13126.47 11362.33

Fair Value of Plan Assets -- --

Unrecognized past service cost -- --

Net Liability in the Balance Sheet 13126.47 11362.33

Cost for the period 2011-12 2010-11

Current Service Cost 208.52 197.52

Interest on obligation 908.99 868.56

Expected return on plan assets -- --

Net Actuarial (Gains) / Losses recognised in the year 1813.18 539.23

Past Service Cost -- --

Losses / (Gains) on Curtailments and Settlements -- --

Expenses recognised in the statement of Profit & Loss 2930.69 1605.31

Change in Benefit Obligations 2011-12 2010-11

Opening defined benefit obligation 11362.33 10857.05

Prior period adjustments -- --

Current Service Cost 208.52 197.52

Past Service Cost -- --


Actuarial (Gains) / Losses 1813.18 539.23

Benefits paid -1166.55 -1100.03

Closing defined benefit obligation 13126.47 11362.33

Changes in Plan Assets 2011-12 2010-11

Opening fair value of Plan Assets -- --

Expected return on Plan Assets -- --

Actuarial Gains / (Losses) -- --

Employers Contributions -- --

Assets acquired in an amalgamation in the nature of purchase -- --

Exchange differences on foreign plans -- --

Benefits paid -1166.55 -1100.03

Closing fair value of Plan Assets -- --

Principal Acturial Assumptions 2011-12 2010-11

Rate of Discounting 8% 8%

DISCLOSURES PURSUANT TO AS-15 EMPLOYEE BENEFITS

In terms of the accounting policy, liability of Rs. 2930.69 Lacs in respect of leave encashment isaccounted on the basis of actuarial valuation made by Life Insurance Corporation of India during theyear.

20.2 GRATUITY:


Present value of funded obligations 10174.81 8261.94

Fair value of plan assets 10174.81 8261.94

Present value of unfunded obligations 9550.59 9874.8

Unrecognized past service cost -- --

Net liability 9550.59 9874.8

Amounts in the balance sheet

Liabilities 19725.41 18136.74

Assets 10174.81 8261.94

Net liability 9550.59 9874.8

Expenses recognized in Income Statement 2011-12 2010-11

Current service cost 870.8 793.6


Expected return on plan assets -839.83 -681.07

Net actuarial losses (gains) recognized in the year 1881.5 1034.74

Past service cost -- --

Losses (gains) on curtailments and settlement -- --

Expense recognized in P&L 3363.41 2525.47

Table Showing Change in Benefit Obligation 2011-12 2010-11

Opening Defined Benefit Obligation 18136.74 17227.4

Service cost for the year 870.8 793.6

Past service cost -- --

Interest cost for the year 1450.94 1378.19

Actuarial losses (gains) 1797.79 1036.42

Benefits paid -2530.86 -2298.87

Closing defined benefit obligation 19725.41 18136.74

The company has defined benefit gratuity plan and the funds are managed by LIC. Thefollowing comparative tables of 2011-12 and 2010-11 summarize the component of net benefitexpenses recognized in the profit and loss account of the company and assets and liabilitiesare recognized in the balance sheet of GUVNL.

Amounts to be recognized in Balance Sheet 2011-12 2010-11

Table of Fair Value of Plan Assets 2011-12 2010-11

Opening fair value of plan assets 8261.94 6759.18

Expected return 839.83 681.07

Actuarial gains and (losses) -83.71 -1.68

Assets distributed on settlements -- --

Contributions by employer 3687.61 3118.88

Assets acquired in an amalgamation in the nature of purchase

-- --

Exchange differences on foreign plans -- --

Benefits paid -2530.86 -2298.87

Closing balance of fund 10174.81 8261.94

Tables showing Category of plan Assets 2011-12 2010-11

Government of India Securities -- --

High quality corporate bonds -- --

Equity shares of listed companies -- --

Property -- --

Funds managed by insurer 100% 100%

Bank Balance -- --

Principal Actuarial Valuation 2011-12 2010-11

Discount rate 8.00% 8.00%

Expected return on plan assets 9.50% 9.50%

Annual increase in Salary costs 5.00% 5.00%

Table Showing Surplus / (Deficit) 2011-12 2010-11

Defined Benefit Obligation 19725.41 18136.74

Plan assets 10174.81 8261.94

Surplus / (deficit) -9550.59 -9874.8

NOTES:

1

*

*

*

2

Discount rate is determined with reference to market yields at Balance sheet date on government bonds.

Expected rate of return on assets is based on market expectations at the beginning of the period.

The company has contributed the amount of Rs. 3363.41 lakhs towards gratuity for year 2011-12. However the provision for the gratuity appears in the Balance Sheet of GUVNL.

Following assumptions have been considered in actuarial valuation:

Future salary increase by taking into consideration inflation rate, seniority and promotion.

21

ParticularsAs at


31st March, 2011

Revenue from Sale of Power

Residential General Purpose (Domestic or Residential) 107926.85 88653.85

General Lighting Purpose (Commercial) 26728.70 51942.75

Low Tension Maximum Demand and Non Residential General Purpose (Industrial low & medium voltage)

117076.03 72929.22

Industrial high voltage 289857.28 237107.99

Public lighting 3315.07 2852.68

Irrigation agricultural 106742.58 80528.34

Public water works and sew.pumps 14177.95 11069.17

Sale of Power to GUVNL 90168.54 58711.93

Unscheduled Interchange 9882.10 14763.82

765875.10 618559.75

Electricity Duty

Ele. Duty - assessed 70726.54 57865.76

70726.54 57865.76

Inter State Sale of Power 1.97 1.83

1.97 1.83

Other Revenue related to Sale of Power

Meter Rent / Service Line Rental 6042.34 5591.74

Recoveries for Theft of Power / Malpractices Non-Consumers 4829.93 4101.02

Misc. charges from consumers 3032.92 3954.06

13905.19 13646.82

779782.26 632208.40

22

ParticularsAs at


31st March, 2011

Agriculture Subsidy (H P Based) as allocated by GUVNL 40694.03 39750.27

40694.03 39750.27

REVENUE SUBSIDIES AND GRANTS

PASCHIM GUJARAT VIJ COMPANY LIMITEDREVENUE FROM OPERATIONS


Total revenue from Sale of Power

Electricity Duty Recovered

Total

Total Miscellaneous revenue

Total Revenue


TOTAL

PASCHIM GUJARAT VIJ COMPANY LIMITED23

ParticularsAs at


31st March, 2011

INTEREST

Interest on Staff Loans and Advances 179.41 103.66

Interest on Fixed Deposit with Banks .73 .0

Interest on Other Loans and Advances .13 79.90

Interest from Banks (other than on Fixed Deposits). 8.65 .0

Delayed Payment Charges from Consumers 4266.32 4108.91

4455.24 4292.47

Penalties received from Suppliers 86.34 132.96

Gain on Sale of Fixed Assets (Net) 259.05 408.03

Grant for Energy Conservation from Govt. of Gujarat 1479.83 309.46

Recovery of Reactive charges 18.48 .0

Miscellaneous Income 919.50 542.02

Govt Grants / Consumers Contribution (Deferred amount10% Written Back)

12792.27 8653.11

Excess Provision written back 11.64 1381.60

20022.35 15719.65

24

ParticularsAs at


31st March, 2011

From GUVNL 731128.17 594744.78

Unscheduled Interchange Power Purchase 24624.38 3643.42

From Wind Farm 3336.42 1989.38

Solar power purchase 204.70 .0

Reactive Energy charges 58.00 9.90

759351.67 600387.48

OTHER INCOME


SUB TOTAL

TOTAL

PURCHASES OF STOCK IN TRADE (POWER PURCHASE)


TOTAL


ParticularsAs at


31st March, 2011

Salaries & Allowances 34604.84 31170.12

Bonus 47.56 59.88

Leave Encashment 2930.69 1605.32

Terminal Benefits 824.56 796.82

Contribution to PF & Other Funds 2662.53 2340.68

Gratuity 3363.41 2525.47

Staff Welfare 973.85 530.88

45407.44 39029.17

25.1

26

ParticularsAs at


31st March, 2011

Interest on Term Loans 6680.61 7392.88

Interest on Working Capital 2182.73 1002.78

Interest on Others 5080.66 4731.20

Bank Charges & Guarantee Fees 630.74 630.90

14574.74 13757.76

26.1

EMPLOYEE BENEFITS EXPENSE


TOTAL

The expenditure included under the head `Employee Benefits Expense’ is net off by Rs 637.44 lacs(P.Y Rs 708.25 lacs), being reimbursement of salary and other allowances recovered from M/s.Gujarat Power Corporation Limited

FINANCE COST


TOTAL

INTEREST ON SECURITY DEPOSITS

Interest on Security deposit of H.T consumers is provided and the same has been reconciled with subsidiaryrecords. In case of L.T consumers the interest is provided on the balances as per Subsidiary records which aresubject to reconciliation. In the opinion of the management, provision of the interest on the balances as persubsidiary record is considered adequate having regard to the fact that in cases on which interest is not providedare very old and not traceable.Interest on the same will be accounted as and when it is claimed.


ParticularsAs at


31st March, 2011

Amortisation on Lease hold Land .56 .03

Depreciation on Buildings 63.48 53.39

Depreciation on Hydraulic Works .50 .51

Depreciation on Other Civil Works 8.37 6.17

Depreciation on Plant & Machineries 7209.43 5796.32

Depreciation on Lines & Cable Net Works 18497.91 16085.44

Depreciation on Vehicles 44.69 55.82

Depreciation on Furniture, Fixtures & electric light & fan installations

58.06 55.10

Depreciation on Office Equipments 364.51 339.22

26247.51 22392.00

28

ParticularsAs at


31st March, 2011

REPAIRS AND MAITENANCE

Plant & Machinery 2825.79 2192.15

Assets written off .84 1.09

Buildings 25.40 54.81

Civil Works 69.06 62.19

Lines, Cable Network etc. 3203.58 3748.64

Vehicles. 39.59 42.65

Furniture, Fixtures. 21.70 28.75

Office Equipments (Including Rs. 7,43,15,427/- for user charges of E-Urja. P.Y. Rs. 5,78,12,242/-)

845.26 782.70

7031.22 6912.98

TOTAL

DEPRECIATION AND AMORTIZATION


OTHER EXPENSES(Amount Rs. in lacs)

SUB-TOTAL

PASCHIM GUJARAT VIJ COMPANY LIMITEDADMINISTRATIVE EXPENSES

Rent 164.28 126.15

Rates & Taxes 119.87 122.79

Insurance 7.64 7.74

Telephone Expenses 354.76 353.59

Auditor's Remuneration 14.19 12.68

Travelling & Conveyance 3772.85 3037.74

Printing & Stationery 375.50 309.87

Computer Expenses 348.53 370.82

Advertisement (other than purchase related) 33.25 21.87

Electricity Charges 289.69 267.32

Expenditure on Training to Staff. 136.89 179.32

Legal & Professional Fees 247.22 256.61

Miscellaneous Expenses 3257.74 2961.51

9122.41 8028.01

MISCELLANEOUS LOSSES & WRITE OFFS

Bad & Doubtful Debts Written off / Provided for. 1366.92 7894.37

Miscellaneous Losses & Write-offs. 282.78 224.96

Deferred Expenses Amortized (Refer note no 19.2) 216.48 59.89

1866.18 8179.22

PRIOR PERIOD EXPENSE/INCOME

EXPENSE

Employee cost 1.30 3.01

Depreciation 42.59 .0

Interest cost 91.70 41.00

Other charges relating to prior period 61.17 33.49

196.76 77.50

INCOME

Depreciation 4.41 .01

Interest 398.42 26.18

Other adjustments 117.75 61.41

520.58 87.60

-323.82 -10.10

17695.99 23110.11

SUB-TOTAL

TOTAL

SUB-TOTAL

SUB-TOTAL

Net Prior Period Expense

TOTAL

PASCHIM GUJARAT VIJ COMPANY LIMITED28.1

ParticularsAs at


31st March, 2011

Audit fees including service tax 12.92 12.13

Out of Pocket expenses paid during the year 1.26 0.55

14.18 12.68

ParticularsAs at


31st March, 2011

Audit fees including service tax 0.53 0.53

Out of Pocket expenses paid during the year 0.05 0.07

0.58 0.60

29

ParticularsAs at


31st March, 2011

Employee Costs 17107.03 8973.47

Administration & General Expenses 4276.75 2243.37

Interest 1754.55 1385.17

Fabrication Charges Absorbed 1112.37 861.03

24250.70 13463.04

30

ParticularsAs at


31st March, 2011

Income Tax----MAT 540.69 2183.86

540.69 2183.86

30.1


AUDITOR REMUNERATION

Statutory Auditor

Total

Cost Auditor


Total

EXPENSES CAPITALISED/ABSORBED


TOTAL

TAX EXPENSES


TOTAL

Provision of Income-tax is made as per provisions of Section 115JB of Income-tax Act, 1961considering carryforward of losses and depreciation of earlier years.

PASCHIM GUJARAT VIJ COMPANY LIMITED

31

ParticularsAs at


31st March, 2011

BASIC

Profit after Tax (Rs. In lacs) 931.30 311.30

Weighted Average no. of equity shares 5629.04 4589.59

Basic EPS 0.17 0.07

DILUTED

Profit after Tax (Rs. In lacs) 931.30 311.30

Weighted Average no. of equity shares 5629.04 4589.59

Weighted Average number of potential equityshares that could arise on conversion

0.00 0.00

Diluted EPS 0.17 0.07

EARNING PER SHARE


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